FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurement Levels for all Assets, Recorded at Fair Value

The following table presents the fair value measurement levels for all assets, which the Company has recorded at fair value as of the period indicated:

			Fair Value Measurement Using:
(Dollars in millions)	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Fixed maturities - available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	247	$	—	$	247	$	—
Obligations of U.S. states and political subdivisions	128		—		128		—
Corporate securities	4,289		—		3,617		672
Asset-backed securities	5,282		—		3,977		1,305
Mortgage-backed securities
Commercial	522		—		522		—
Agency residential	2,435		—		2,435		—
Non-agency residential	441		—		441		—
Foreign government securities	835		—		835		—
Foreign corporate securities	1,753		—		1,737		16
Total fixed maturities - available for sale	15,932		—		13,939		1,993
Equity securities, fair value	91		70		21		—
Other invested assets, fair value	1,481		—		—		1,481

(Some amounts may not reconcile due to rounding.)

			Fair Value Measurement Using:
(Dollars in millions)	December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Fixed maturities - available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	535	$	—	$	535	$	—
Obligations of U.S. states and political subdivisions	413		—		413		—
Corporate securities	3,561		—		2,846		715
Asset-backed securities	3,951		—		2,957		994
Mortgage-backed securities
Commercial	509		—		509		—
Agency residential	1,628		—		1,628		—
Non-agency residential	3		—		3		—
Foreign government securities	637		—		637		—
Foreign corporate securities	1,433		—		1,417		16
Total fixed maturities - available for sale	12,671		—		10,946		1,725
Equity securities, fair value	194		132		63		—
Other invested assets, fair value	1,472		—		—		1,472

(Some amounts may not reconcile due to rounding.)

Schedule of Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs for Fixed Maturities - Available for Sale

The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs for fixed maturities - available for sale, for the periods indicated:

	Total Fixed Maturities - Available for Sale
	December 31, 2023										December 31, 2022
(Dollars in millions)	Corporate Securities		Asset-Backed Securities		CMBS		Foreign Corporate		Total		Corporate Securities		Asset-Backed Securities		CMBS		Foreign Corporate		Total
Beginning balance fixed maturities	$	715	$	994	$	—	$	16	$	1,725	$	730	$	1,251	$	—	$	16	$	1,997
Total gains or (losses) (realized/unrealized) Included in earnings (or changes in net assets)	4		—		—		—		4		(24)		—		—		—		(24)
Included in other comprehensive income (loss)	(2)		6		—		—		4		3		(35)		—		(4)		(36)
Purchases, issuances and settlements	(45)		305		—		—		260		40		513		6		8		567
Transfers in (out) of Level 3 and reclassification of securities in/(out) investment categories	—		—		—		—		—		(35)		(735)		(6)		(4)		(779)
Ending balance	$	672	$	1,305	$	—	$	16	$	1,993	$	715	$	994	$	—	$	16	$	1,725
The amount of total gains or losses for the period included in earnings (or changes in  net assets) attributable to the change in unrealized gains or losses relating to  assets still held at the reporting date	$	9	$	—	$	—	$	—	$	9	$	(23)	$	8	$	—	$	—	$	(15)

(Some amounts may not reconcile due to rounding.)